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Edge20 Feb 2026
Dollar General: The Rural Retailer Playbook
How Dollar General built a small-box empire across rural America, scaling value and convenience into one of retail's most durable business models.
Barings BDC
Barings BDC (BBDC) investor relations material
Barings BDC Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary20 Feb, 2026
Executive summary
Leadership transition completed with a new CEO focused on accelerating initiatives to improve ROE and enhance shareholder value.
Net asset value (NAV) per share was $11.09 as of December 31, 2025, a slight decrease from $11.10 at September 30, 2025, primarily due to net realized losses, partially offset by unrealized appreciation and share repurchases.
Net investment income for Q4 2025 was $0.27 per share, with a declared Q1 2026 dividend of $0.26 per share, marking 11 consecutive quarters of stable dividends.
Portfolio strategy remains centered on core middle market, senior secured lending, and defensive, noncyclical sectors, with 96% of the portfolio now Barings-originated at fair value.
Emphasis on rigorous underwriting, credit quality, and a diversified issuer base to withstand macroeconomic volatility.
Financial highlights
Investment portfolio at fair value was $2.40 billion at quarter-end, with total net assets of $1.16 billion.
Total investment income for Q4 2025 was $68.0 million; net investment income was $28.0 million; net income was $25.2 million.
Net realized losses for Q4 were $5.2 million, partially offset by $2.5 million in net unrealized appreciation.
Annual NII was $1.12 per share, compared to $1.24 in 2024; NII exceeded the regular dividend of $1.04 per share.
Share repurchases contributed $0.02 per share to NAV, with over 700,000 shares repurchased in 2025.
Outlook and guidance
Expectation of downward pressure on NII in 2026 due to declining base rates; regular dividend may decrease.
Portfolio remains resilient, with spillover income of $0.80 per share providing flexibility.
Continued focus on redeploying capital into attractive middle-market opportunities and expanding successful JV partnerships.
The company targets a leverage range of 0.9x–1.25x and maintains ample liquidity through undrawn revolver commitments.
Management remains confident in portfolio quality and ability to generate long-term shareholder value.
Explain realized losses despite low non-accruals
Drivers of declining portfolio yields
Impact of share repurchases on NAV per share
New capital deployment strategy for ROE
Impact of liquid software loan prices on NAV
What factors influence 2026 dividend outlook?
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Next Barings BDC earnings date
Q1 20268 May, 2026
Barings BDC
Next Barings BDC earnings date
Q1 20268 May, 2026
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Frequently asked questions
Barings BDC Inc. is a closed-end, externally managed business development company. It focuses on providing financing solutions, including debt and equity investments, to middle-market companies across a wide range of industries. The company invests primarily in senior secured loans, junior debt, and equity co-investments. It is headquartered in Charlotte, North Carolina, and its shares are listed on the NYSE.
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